Currently, RGAVP gives small loans to women in poor families in the form of cash. Loans are given to the Village Organisation (VO)/ Self Help Group (SHG) leaders and cashiers who drive the business. These loan amounts are disbursed in the form of cash and repayment amount is collected periodically.
With M-Pesa wallet, the loan amount will be deposited instantly by the leaders to the individual savings account. Instant confirmation in the form of SMS is sent to the individual handsets. Instead on travelling 10-15 kms in most case for cash transaction, Vodafone M-Pesa facilitates instant, safe and secure cash transaction for the poor in Rajasthan. Regular deposit into savings account at regular intervals using M-Pesa will further boost credit ratings. The partnership will boost the banking system in Rajasthan and facilitate higher loan disbursement for the poor.
Vodafone has entered into a six months pilot project with Rajasthan Grameen Aajeevika Vikas Parishad (RGAVP) in 3 blocks of Rajasthan namely – Anandpuri in Banswara district, Baap in Jodhpur district and Sankar in Jaisalmer district.
Speaking about the association Suresh Sethi, Business Head M-Pesa, Vodafone India said, “M-pesa is an innovative financial service from Vodafone that brings the bank to the mobile and addresses the issue of access to financial services. We are delighted to extend M-Pesa offering to Rajasthan Grameen Aajeevika Vikas Parishad (RGAVP). We are confident that this association will go a long way in simplifying the payments process for RGAVP from the Self Help Groups. Currently, we are running a pilot in 3 blocks of Rajasthan. We are hoping to extend the benefit of using M-Pesa (Mobile Wallets) and further enhance the capabilities of the VO/SHGs.”
Expressing his delight on the initiative, the Secretary RD & State Mission Director, RGAVP, Mr. Rajeev Singh Thakur said, “With this partnership we aim to make money depositing process simple and fast. This technology enables us to take banking service at the doorstep of our SHG women and make the experience hassle free.”
Vodafone India provides customers with a new currency in the form of M-Pesa, the world renowned mobile wallet and money transfer service. Vodafone M-Pesa is an innovative, safe and secure mobile wallet enables complete suite of services like money transfer, bill payments, and recharge on the move from the mobile. It caters to all segments of the society, from the unbanked to the under banked and to the net-savvy and evolved customers. Today, with a pan-India distribution of close to 90,000 agents and more than 3 million customers, Vodafone M-Pesa is the largest banking correspondent in the country and is playing a vital role in enabling financial inclusion and m-commerce.